Bitcoin Forum

So guyz,

I don't have a master in crypto But I have some doubts.

I have seen many people saying that countries banning crypto are just smashing hammer on their own foot.

But my Qes is why a Govt should not try control money in that country?

----My thought is most countries don't really know how to control the transcation or keeping track of cryptomarket, so for time being they want to control it by banning it till they develope a plan.
----I didn't hear any county saying that they don't support bloackchain, Many of them are working on blockchain.
----If a country can not track the money of their people than how can they take responsibility of its people safety?
----If someone pays money for illegal activity from banks, that can be tracked, but tracking crypto is impossible for them right now.

----That was just one of the scenerio



So What are your thoughts?

PS- I am not saying crypto should be banned, I just want to know where Govt. are going wrong?

I would answer my views on this in short.First of all, some countries govt are in favour and some are not. Some are in favour as they see the long term scenario and see where their country currency value can be improved much by making the crypto as a payment processor rather than making it physical currency. Also, they see that  a specific country currency value should not be under rated as well considering long term implications.Some are not in favour as they are worried about the illegal activities and all kind of stuff. Until and unless they change the mindset considering the blockchain technology, they would still remain in the same phase and we do not know what kind of scenarios we would see in the future. I can only say we have to just wait and watch for the next few years.

Some governments are supporting the use of cryptocurrencies and some are not all for the same reason. Bitcoin's high purchasing power. They either wanted to tap through this or they wanted to stop bitcoin. Either way, as long as bitcoin's decentralization is not jeopardized we have nothing to worry at all.

The point is that by now many Governments, especially in the West, don't control their own money any more, since it is now a private business of banks. So it's surreal that they then try to mess up with the crypto-market.

the government can not control bitcoin, we won't let them and that is all that matters in my opinion. we should continue keeping bitcoin decentralized and permission-less.

what the government tries to do is usually to control exchanges which are in fact like a gateway between money (fiat) and cryptocurrencies and this gateway can be abused by criminals to do things like laundering their money.

Bitcoin was designed in such a way that transactions would be totally anonymous and no one would be able to track it or who is the payer or who is the receiver, this is where governments are not able to keep a track of the transactions and they are just trying to ban bitcoins I note only the countries who like to keep a track of the transactions of their citizens are the ones trying to ban bitcoins.

This is never ending story. When will you figure out that any government in the world can't control Bitcoin network?
Don't mix control and regulation in legal sense of term, these are two different options.
Bitcoin will stay decentralized and without any control of some central body, like some central bank and what governments will do or want to do is to set legal framework for Bitcoin and other cryptocurrencies.

It is good because this will stop people getting addicted to such investment but it is bad also because it is affecting the popularity of bitcoin. This affects the value of bitcoin also.

You really have the wrong idea that using bitcoins is anonymous and nobody has a clue what you're doing.There are hundred of examples in the past that show us you're not even close to be as safe as you think and many are serving time right now for thinking like that.

Coins can be tracked.


Nope bitcoin was never designed to be totally anonymous, more like semi anonymous.
Furthermore all your transactions are stored pout in the open, so the government has an easy task on tracking them the only problem is with linking the person to an address, but KYC and exchnges are making thinks easier in this case.
You think Japan is not keeping a track of transactions in fiat ??? Really?

Also, don't forget, when you buy something it's not just you buying, it's a guy selling stuff , there is stuff sent to your house.
It makes no sense buying a pizza with monero and choosing home delivery  ;D.
Or trying to buy a car anonymously and then going to the DMV for plates.

Its counterintuitive but no its not, its completely what you would expect. Whats good is regulation will make the market more stable and safer for ordinanry investors and allow more mass acceptance, so theres a lot of room to grow and govs csnt stop it (see my signature)

If the government is not greed then it is good that the government will hold the cryptocurrency. But as far as I see, government will just make an advantage in cryptocurrency and one of it is they will impose taxes.
There will be a good or bad in controlling of the government.

When the crypto market well controlled by the government this will bring a protection for the individuals rights. the level of the trolling power is important this has to be partially shared. In general people should pay taxes on their income from this ecosystem.

on some level this was expected though!
bitcoin is not something small that doesn't do anything. it may be small but it is growing fast and it has the potential of becoming huge. and it is disturbing some corrupted systems in some places in the world including banking system. this means bitcoin will have a lot of enemies, including governments who will try to control bitcoin.

but remember not to confuse this (meaning control) with regulations and what most of the world are trying to do. that is not a bad thing. it will help the growth and will help weed out criminals.

To be honest governments are not trying to control the crypto currencies they want to make money out of it,if the decentralized system develops then there will be no revenue for the governments so they are trying to regulate it with heavy taxes and in the name of ban.
But no one can ban a decentralized coin but they are controlling the exchanges which is the way for us to convert our fiat into crypto and vice versa so they are taxing as per our income.If we crypto not to be controlled,then we need to adapt to the crypto to crypto system,and no more fiat conversion.

Cryptocurrencies are accessing areas that are the business of government - primarily anything to do with interacting with government currencies.

If they'd stayed purely crypto to crypto there would be far fewer issues but people naturally want to cross pollinate.

As it's infringing on government business it's inevitable that they're going to assert their authority.

My suggestion is try to study and learn more about blockchain technology.
Because the risk is that if you don t manage the basics of blockchain in general you can be victim of FUD AND FOMO and false news around the net.

Cryptocurrencies can be manipulated but cannot be controlled at 100%
And this depends a lot by the knowledge that crypto believers have of the enviroinment in which we are, because in this way crypto believers can fight against manipulation and be aware of what is really happening .

At the moment governaments are buying crypto , pumping cryptos and trying to put efforts to make them more " "legal" and taxable.

Butit is a sort of leverage, because on the other side there are enteprises that come together to make the pulse with them.

All is going fine, just stay calm and skip fud.
Be ok.
Cheers

In my opinion, legalization is needed in part. You receive income from the sale of coins, but you can not spend this money legally. If you buy an apartment you need to indicate the source of income. What are you writing there? I sold bitcoin? In this part, I am absolutely "for" legalizing. Pay a small tax and calmly spend.

It is ok to be regulated. But in all that regulation there are many faces that wants money and I mean a big chunks of it.
Today in fiat system someone can have billions easily, but if you want to make some on smaller scale it can be a problem.

It is bad, yes. But in the end, I am pretty sure the government won't be able to do so. Unless they start a department of some kind that bans cryptocurrencies.

My opinion in this is that the governments are just neutralizing the flow of fiat money. Big trades in crypto creates deflation in the money of the country of itself because as far as I know there is a volume even in fiat money. It is true that they are not against the blockchain but they are certainly against deflation since it will greatly affect the economy. Although these question requires vast knowledge of almost everything, I am not very sure if what I had said is correct so pardon me.

I think the governments all over the world just wants to regulate the flow of their currencies. They just want to regulate cryptocurrencies to avoid incidents like money laundering and also people being scammed by illegal ICO's. They don't want to control the crypto-market, they just want to help us traders & miners to be more secured in our finances.

Its difficult to forecast and plan economically if your not able to predict or have an idea of the factors that can spell disaster. Its difficult to design fiscal policies around a system that dosent go through the channels that they have policies to regulate and also to report  transactions above a certain threshold, for eighter tax purposes or just general government nose poking.for now bitcoin presents certain challenges as its that more difficult to track and maintain accurate records as to the volumes of currencies that are moving at any one point or even who is moving it for sure .bitcoins isn't untraceable ...people don't be fooled it is traceable however it will require more than the average investigation and analysis to do ....there are numerous cases of people being locked up for trading in bitcoins . its a terrifying scenario to be faced with if you are a financial minister as it could severely affect your country if millions of dollars are running through bitcoins and not through your regulated institutions , first thing is you loose all that tax income that would be going to your coffer, then you might find that there may be institutions closing resulting in increased unemployment so bitcoins is a real economic game changer , i might not agree with the steps some government have taken to ban bitcoins however to some extent i understand their fear. Solution...commission some sound financial thinkers to study bitcoins through and through and come up with a game plan to integrate it into the economical plans , because it can also bring serious economic growth and social development if its used properly.

Governments and banks became too closely linked so now governments have a vested interest in making sure their banks make money. Cryptos are alternatives (better in every way too) to banks -> soooo makes sense that governments want to benefit the banks.

While many might think it's bad, in actuality it's what governments are *supposed* to do. Thus I don't see what's so bad about them doing their job, as long as they make good decisions.

Banks are competitors to crypto currencies as banks deal with only fiats. Governments only depend on fiats and banks. So obviously Government would support banks as of now. As crypto currencies are gaining values, especially bitcoin value has gone up and its the first currency which has the highest value ruling over fiats, banks have been so affected and the number of investors have moved towards crypto currencies. This has seriously affected banks causing many banks close themselves.

It would seriously take time for governments to completely accept bitcoin and other crypto currencies.

The government in the future will do so to control every step of the crypto currency and will also introduce taxes in the future. It's just that freedom.

goverments can't ban BTC or anycoin
Because Blockchain is decentralization

Good for the government to adopt the blockchain technology. But my opinion is negative about governments trying to control the electronic money system. Politicians should expect investors to make free decisions. The referendum about Crypto money should be preferred.

They can try and control the money in their country but what happens when citizens learn the truth of the money supply and learn the truth of the governments oppressive ways? That will not end well let me say.

1) Of course they don't know how crypto works, but banning something you don't understand how it works isn't correct, and in fact only stifles innovation further.
2) Of course they don't say that, because blockchain is literally the future and for them to say it is useless well you would look like a moron
3) This is the argument politicians would use, and man have they got you brainwashed. Ask yourself this, do we really need to survey the whole country when there are a handful of bad actors? Answer is nope, but they make you think yes.
4) Tracking is not impossible in crypto if you have enough resources and power you can find the source of the funds for sure, again this builds into point 3. They want you to think and believe they need access to everyone financials, when they don't need or deserve that access.

Government's are going wrong in their approach to crypto, they should try fostering innovation not stifling it. They should try working with people in crypto, not making them feel like criminals in the USA and most importantly they should understand the goddamn technology and stop using the phrase "Blockchain is good, but Bitcoin has not much use"

Make no mistake governments are regulating cryptocurrencies because they want to keep their own interests they are not doing this to protect the population or to prevent crime, they get a lot of benefits by printing their own currency and they do not want to give up those benefits, that is why we do not like the regulation since it is done to hinder bitcoin and the population that could benefit from its usage.

https://www.nytimes.com/2015/02/15/world/bank-hackers-steal-millions-via-malware.html?smid=tw-nytimes&_r=0
 :P

in some ways yes but they can help us too if that time happen,The bad things that can happen in that time are we need to pay tax but still it's good also because if we have government here in crypto more of scam can go in low volume,I think also if we have regulator here it's so hard to trust someone by your money so the price of btc in that time can go really low.

I really do understand where you are coming from man, I really do. Clearly, the guys in the government are good in taking advantage of this explanations since it can hide their true purposes for their actions. But even so, it is still pretty easy to see that there are somewhat hidden agendas behind their reasonings..

I think the government of the whole country wants to maintain their currency. They think cryptocurrency is illegal. And others want to control the crypto market so that others may not be exposed to fraud. And it helps us to be more secure in funding.

Some governments of the world  are supporting the use of cryptocurrencies and some are not all for the same reason. Bitcoin's high purchasing power. They either wanted to tap through this or they wanted to stop bitcoin. Either way, as long as bitcoin's decentralization is not jeopardized we have nothing to worry at all. Bitcoin don't care about any government nor anyone.

Its bad, and actually they cant control it

Every government has their on position and stand in each worldwide issues like cryptocurrency,some country says ,they wanna protect their people,some are for money laundering and criminalities and some are those who wants to take their piece of pizzas..but for me this is all for money and nothing more

Regulation is really needed to make crypto more trusted by people and it's only government that can do that... It will also help is curbing those shit i c o that dont even have good use case....

I think they have the freedom to know about the cryptomarket but not to the point that they will control it. It would be better if they would stay away from it and let cryptomarket do their thing unless this cryptomarket harms the citizen of the country... that would be impossible but if it harms then it will be the right thing to government to make their move and control the cryptomarket.

perhaps the crux of the conclusion of all that is that the country that forbade this cryptocurrency get ready will be a country left behind by the times of the digital currency.

the country that is ready with cryptocurrency is a country that does not want to miss the progress of technology. Because the future needs a simple and fast currency for transactions, such as Bitcoin.

I am not really they (the government) will find a way to set cryptocurrency. The hardest way to find is because it has a powerful decentralized system so there is no gap between them finding ways to set up cryptocurrency markets. Unless they become whales of whales that have a large capital.

it could be bad if they have controlled bitcoin. i rather not using crypto if it on their hands.
if cryptocurrency controlled by government, your privacy is not secure anymore.

Of course, every state insures itself. Yet this technology will turn not only payments. But the whole arrangement of countries. It's like a church. Until the last will keep his commandments.